I was essentially provided a bar napkin receipt for $300 on a fix that would have most likely cost $1,000+ from a reputable plumber that would warranty the work.

Don't rush into it or just do napkin math. 

@Steven BarrBack of the napkin here (without calculating net sales price): You've sold $1M worth of property, and you're trying to acquire $600k.

Is there a french drain, sump pump or just runs down the sanitary sewer.-- review expenses for reasonableness.Good Luck!

From my back of the napkin view, it's a possibility. 

Rough approach but back of the napkin. 

Run the numbers and tell me what your assumptions are, but the back of the napkin doesn't pencil out on a strictly CoC basis from what I am seeing.  

This is very quick napkin math though, if you know the exact expenses such as utilities, mortgage costs, taxes, pmi vs no pmi, rental comps/what you think you are going to rent it at, it will change dramatically.

That is the exact kind of back-of-the-napkin formula I was looking for.

In the one on housing prices corrected for inflation, the red line is my approximation of an average bottom of the market.And here's a simplistic link to do a back-of-the-napkin affordability calc on a $300k home at 7% 30-yr mortgage:https://www.dollartimes.com/in...